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Forex Today: Gold and Silver Plummet to 6-Month Lows

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The US Dollar remains strong, but risk sentiment improves slightly as a deal is struck which avoids the necessity of an imminent shutdown of the US government.

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  1. Most commodities are trading lower in the current risk-off environment, with Gold and Silver falling strongly to new 6-month low prices.
  2. In the Forex market, the US Dollar remains the strongest major currency as the US Dollar Index continues to rise after breaking above a former key resistance level last week at 105.36. The Japanese Yen is the weakest major currency, and the USD/JPY currency pair has just reached a new 11-month high at ¥149.82. Since the weekly open in Asia, the Euro has been the strongest major currency, while the Australian Dollar has been the weakest. Trend traders in the Forex market will be most interested in being long USD/JPY and short EUR/USD as these are the two major Dollar pairs which have historically tended to trend most reliably.
  3. Stock markets are making a minor recovery in most regions, likely due to the news over the weekend that an anticipated shutdown of the US government has been averted after Democrats and Republicans reached a deal.
  4. There will be a release today of US ISM Manufacturing PMI data, which may impact the USD. Additionally, Fed Chair Powell will be speaking publicly later, but he is not expected to say anything material.
  5. It is a public holiday today in Canada. It is a public holiday in China all week.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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